KUALA LUMPUR: Malaysia is not only considering membership in Brazil, Russia, India, China and Afrika Selatan (BRICS) but also Organisation for Economic Cooperation and Development  (OECD), Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said.

He said in an effort to maintain the balance of developing the nation and maintaining good relations with all  trade partners, especially the world's economic powerhouses, Malaysia will continue to ensure an independent and pragmatic foreign policy based on the values ​​of justice and equality.

"In that context, the government will use a multi-directional approach, to ensure the interests of the country are upheld. This is one of the main reasons why Malaysia is not only considering participation in BRICS but even some other suitable organisations such as OECD, where Malaysia can contribute to the development of the international community" Tengku Zafrul said.

He was responding to Datuk Noraini Idris's query in Dewan Negara on the suitability of joining BRICs given its dedollarisation agenda and its impact on trade relations with pro-United States countries.

He further explained that Malaysia's participation in BRICS will provide access to raw materials as the members involved are among the main commodity producers in the world.

Tengku Zafrul said Malaysia's decision to participate in BRICS, is a strategic move to expand  economic cooperation, especially in the aspects of trade and investment as well as market diversification.

The minister said BRICS, which is made up of Brazil, Russia, India, China and South Africa, as well as four new member states namely Egypt, Ethiopia, Iran and the United Arab Emirates (UAE) has cumulative gross domestic product (GDP)  of US$26.6 trillion or equivalent to 26.2 percent of the world's GDP.

"BRICS as a bloc forms a mega market that will open opportunities for market diversification and new sources of foreign investment to countries that will contribute to economic development which is sustainable, in addition to balancing the dependence on existing traditional markets such as the United States and Europe," he said.

BRICS member countries are also among the main commodity producers in the world such as crude oil and gas, coal, iron ore, aluminium, grain, copper, nickel and gold as well as precious commodities.

"Therefore, the country's participation in BRICS will provide access to critical raw material which is very important in ensuring a sustainable supply chain," he said.

https://www.nst.com.my/business/economy/2024/07/1079985/malaysia-also-considering-oecd-membership-says-tengku-zafrul